I'm assuming that the parcel at which you are looking is the one listed at 8.28 acres and valued at $307,866. If so, the error in the Property Assessor's office is that it is tied together with an 8 acre parcel, a little north of the large track which connects into Hwy 331. The large track is well over 40 acres and closer to 55-60 acres, but the Prop Appraiser's office has it listed as only 8.28 acres. Even in the tax breakout, it shows two line items, totalling the 8.28 acres. However, the Assessed Value is very similar to the adjacent 40+ acre Bayfront properties, so I don't think it is an error.
Looking further into this aforementioned matter, I notice that I may have mistakenly included a few small tracks in with this ~55 acre track. It is difficult to say without whipping out my area calculator, because the WalCo Property Appraiser's Office has it all screwed up.